MIDEAST STOCKS-Volatile oil leaves Gulf mixed; Egyptians rush to buy Edita | Reuters:
"Most Gulf markets rose alongside oil on Thursday but fresh weakness in the commodity late in the day dampened sentiment in Saudi Arabia. Egyptian investors dumped most stocks in order to buy newly listed food maker Edita .
Brent oil rallied late on Wednesday and held near $57 per barrel early on Thursday, but then dropped 3 percent as investors appeared to be taking the view that nuclear talks with Iran would be successful, allowing more crude onto the market.
The main Saudi stock index, which had risen as much as 0.7 percent early in the day, closed 0.9 percent lower with most stocks in the red. Another factor that may have hurt local sentiment was an attack on Saudi Arabian border guards from Yemen which killed one and injured 10 people, according to the state-run Saudi Press Agency."
'via Blog this'
Solely aggregation of news articles, with no opinions expressed by this service since 2009 launch on this platform. Copyright to all articles remains with the original publisher and HEADLINES ARE CLICKABLE to access the whole article at source. (Subscription by email is recommended,with real-time updates on LinkedIn and Twitter.)
Friday 3 April 2015
DP World purchases second Canadian terminal for C$580m | The National
DP World purchases second Canadian terminal for C$580m | The National:
"DP World has agreed to acquire a second terminal in Canada for C$580 million (Dh1.69 billion) as the Dubai-based port operator seeks to boost its capacity and capture transpacific trade between Asia and North America.
DP World, the world’s fourth- largest port operator, will buy the terminal from Deutsche Bank.
Maher Terminal’s Fairview container terminal on Canada’s west coast has a capacity of 850,000 twenty foot equivalent units (TEU). Phase 2 expansion of the terminal in British Columbia will take its capacity to 1.35 million TEU in the first half of 2017."
'via Blog this'
"DP World has agreed to acquire a second terminal in Canada for C$580 million (Dh1.69 billion) as the Dubai-based port operator seeks to boost its capacity and capture transpacific trade between Asia and North America.
DP World, the world’s fourth- largest port operator, will buy the terminal from Deutsche Bank.
Maher Terminal’s Fairview container terminal on Canada’s west coast has a capacity of 850,000 twenty foot equivalent units (TEU). Phase 2 expansion of the terminal in British Columbia will take its capacity to 1.35 million TEU in the first half of 2017."
'via Blog this'
S&P lowers outlook for Mashreq and ADCB | The National
S&P lowers outlook for Mashreq and ADCB | The National:
"Standard & Poor’s has lowered its outlook for two UAE banks owing to weaker oil prices and an expected economic slowdown in the UAE.
It said it had lowered its outlook to stable from positive for Mashreq and Abu Dubai Commercial Bank (ADCB).
The move reflects “weakening local economic conditions in the banking system”, the agency said."
'via Blog this'
"Standard & Poor’s has lowered its outlook for two UAE banks owing to weaker oil prices and an expected economic slowdown in the UAE.
It said it had lowered its outlook to stable from positive for Mashreq and Abu Dubai Commercial Bank (ADCB).
The move reflects “weakening local economic conditions in the banking system”, the agency said."
'via Blog this'
New companies law to boost IPO activity in UAE |GulfNews.com
New companies law to boost IPO activity in UAE |GulfNews.com:
"A reduction in free float for an Initial Public Offering (IPO) is likely to encourage more companies to list on UAE bourses than overseas. The new law introduces corporate governance standards in line with the country’s international peers.
The new Companies Law, announced on Wednesday, has reduced the minimum free float for any company to go public, to 30 per cent from the earlier 55 per cent, a move that could help companies to list on bourses.
“This reduction is a positive step, and it was a big obstacle earlier for getting listings to the UAE and it was a reason they went to the London Stock Exchange. With that the local bourses would look much more attractive to do an IPO. This new rule would make it a lot easier and smoother here,” said Jaap Meijer, managing director at Arqaam Capital."
'via Blog this'
"A reduction in free float for an Initial Public Offering (IPO) is likely to encourage more companies to list on UAE bourses than overseas. The new law introduces corporate governance standards in line with the country’s international peers.
The new Companies Law, announced on Wednesday, has reduced the minimum free float for any company to go public, to 30 per cent from the earlier 55 per cent, a move that could help companies to list on bourses.
“This reduction is a positive step, and it was a big obstacle earlier for getting listings to the UAE and it was a reason they went to the London Stock Exchange. With that the local bourses would look much more attractive to do an IPO. This new rule would make it a lot easier and smoother here,” said Jaap Meijer, managing director at Arqaam Capital."
'via Blog this'
Key UAE sectors wait on Iranian breakthrough |GulfNews.com
Key UAE sectors wait on Iranian breakthrough |GulfNews.com:
"Key pillars of the UAE economy such as re-exports, logistics, retail, banking and insurance are already setting their schedules to a day in not-so-distant June. Because if negotiations give way to a deal being struck on Iran’s nuclear programme and thus ease the sanctions on it, these are the sectors in the UAE that could be in line for a major lift.
And potential deals involving UAE businesses could scale up quite quickly once sanctions are lifted, given the bottled up demand that the Iranian marketplace has been experiencing for years now. “Releasing assets that were erstwhile ‘frozen’ will translate into Iran having significant means to acquire goods, pay for services and conduct much needed investments [especially in energy infrastructure and communications],” said Karim Souaid, CEO of Growthgate, the asset management firm. “Concurrently US/EU businesses would become free to trade with Iran without fears of sanction thus increasing trade lanes in all directions.
“It is anticipated that businesses in the UAE — and especially in Dubai — would tremendously benefit in the short-to-medium term. Dubai has both the competitive and comparative advantages over any other location, where its physical and human infrastructures are uniquely positioned to benefit from the opening of such a prized market of circa 79 million people and an estimated 2015 GDP of $403 billion."
'via Blog this'
"Key pillars of the UAE economy such as re-exports, logistics, retail, banking and insurance are already setting their schedules to a day in not-so-distant June. Because if negotiations give way to a deal being struck on Iran’s nuclear programme and thus ease the sanctions on it, these are the sectors in the UAE that could be in line for a major lift.
And potential deals involving UAE businesses could scale up quite quickly once sanctions are lifted, given the bottled up demand that the Iranian marketplace has been experiencing for years now. “Releasing assets that were erstwhile ‘frozen’ will translate into Iran having significant means to acquire goods, pay for services and conduct much needed investments [especially in energy infrastructure and communications],” said Karim Souaid, CEO of Growthgate, the asset management firm. “Concurrently US/EU businesses would become free to trade with Iran without fears of sanction thus increasing trade lanes in all directions.
“It is anticipated that businesses in the UAE — and especially in Dubai — would tremendously benefit in the short-to-medium term. Dubai has both the competitive and comparative advantages over any other location, where its physical and human infrastructures are uniquely positioned to benefit from the opening of such a prized market of circa 79 million people and an estimated 2015 GDP of $403 billion."
'via Blog this'
Oil falls nearly 4 percent after tentative nuclear deal for Iran | Reuters
Oil falls nearly 4 percent after tentative nuclear deal for Iran | Reuters:
"Brent oil fell nearly 4 percent on Thursday after a preliminary pact between Iran and global powers on Tehran's nuclear program, even as officials set further talks in June and analysts questioned when the OPEC member will be allowed to export more crude.
Traders had been fixated on the talks held in Lausanne, Switzerland for over a week as Iran tried to agree with six world powers on concessions to its nuclear program to remove U.S.-led sanctions that have halved its oil exports.
The sanctions against Iran will come off under a "future comprehensive deal" to be agreed by June 30, after it complies with nuclear-related provisions, Iranian Foreign Minister Javad Zarif told a news conference."
'via Blog this'
"Brent oil fell nearly 4 percent on Thursday after a preliminary pact between Iran and global powers on Tehran's nuclear program, even as officials set further talks in June and analysts questioned when the OPEC member will be allowed to export more crude.
Traders had been fixated on the talks held in Lausanne, Switzerland for over a week as Iran tried to agree with six world powers on concessions to its nuclear program to remove U.S.-led sanctions that have halved its oil exports.
The sanctions against Iran will come off under a "future comprehensive deal" to be agreed by June 30, after it complies with nuclear-related provisions, Iranian Foreign Minister Javad Zarif told a news conference."
'via Blog this'